Here are pictures of fake B&W P3 and P5. The P3 is mine and I purchased them in Hong Kong for approximately US$80; while the P5 was borrowed from a friend who got it in Manila for about US$125. Both were purchased at around early 2014.
I did not bother doing a side-by-side comparison with the genuine article because they're virtually identical as you'll see below. The only difference is in the sound. Both the fake P3 and P5 have weaker bass. The fake P5 is particularly worse with very weak sub-bass. Everything else about them is so "real" that we suspect that the body and accessories are genuine OEM, probably surplus inventory after B&W released version 2 of these models. The only difference would be the the driver used.
Its virtually identical wtih the real thing, except for the sound with its weak bass, however, it's very natural and leaning towards neutral. Volume is weak, on most DAPs it requires a setting of around 65% to 80% to get to a comfortable listening level. The bass is slightly weaker than a Grado SR80, the mids are forward, and the highs have the similar sparkle of the Momentum In-Ear without the sibilance. Overall, its actually pretty good.
Look and feel are dead on.
Smartphone controls. All buttons works with Apple. For Android phones, middle or play button works for music playback, but mic works fine for phone calls.
Fabric carry case with included spare cable (without mic) and adaptor. Carry case has an inside pocket that fits most DAPs.
All metal stainless steel parts and leather wrapped cups. Debossed B&W logo on brushed steel.
Removable magnetic pads with blue memory foam inserts. Serial number visible when pads are removed. The serial numbers were successfully registered in B&W website and the owner was given a trial subscription to B&W's Society of Sound. He was able to download FLAC tracks, mostly classical music performed by the London Symphony Orchestra.
The leather on the pads is luxuriously supple and the memory foam soft. When you put them on, you'll actually feel the pad settling on the contours of your ears. This leads to a tight seal that feels like the leather of the pad have merged with your ear. The seal is so good that when you take them off you'll feel a pop .
Note the notches on the memory foam inside the headband.
Micro details like stainless steel accents and the laser etched L and R markers on the headband connectors.
Fake P3 ...
I purchased this because it sounds almost like the real thing. Although there's an emphasis on bass, these can's rendering of drums and percussions are one of the most natural sounding I've heard, the mids and vocals are well defined complemented by sparkling treble with absolutely no sibilance. It's so good and cheap that this is my favorite daily headphone.
Inside the clamshell with spare cable. The interior of the case is molded plastic lined wth felt, so fine it's almost velour in texture.
Hard plastic clamshell carrying case. Note the stainless steel hinges and debossed B&W logo.
Smartphone control on the Y cable and 3.5mm plug. The gold plating have started to wear off.
Headband exterior is wrapped in rubber, on the inside is hard rubber padding wrapped in the same fabric as the pads
Stainless steel accents. Note the fabric on the magnetic foam pads.Rubberized paint on the cups. Left and right legend on the interior of the headband connector.
Removable fabric wrapped magnetic pads. Serial number on the right side.